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Tcs collected by party for fy 2020-2021 but not deposited

This query is : Resolved 
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(Querist)
18 January 2022 We purchased hoods from a party and party collected tcs from us for fy 2020-2021.The party has not deposited tcs amount to government.
How will we write off tcs amount in our books of accounts? Please explain?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
18 January 2022 Keep it in the books of accounts, report the issue to the jurisdiction ITO TDS of your seller.
Wait for the outcome for one more year.
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ARUN GUPTA

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ARUN GUPTA (Querist)
18 January 2022 We don't want to report as this will make our relations bad
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CA Puja Sharma

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CA Puja Sharma (Expert)
18 January 2022 Do not write off in FY 2021-22. Wait for the next FY, the party might deposit the TCS of FY 2020-21 at the time of IT return filing.
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ARUN GUPTA

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ARUN GUPTA (Querist)
18 January 2022 How can we square off this tcs standing in our books of accounts?
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ARUN GUPTA

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ARUN GUPTA (Querist)
18 January 2022 The party is not going to file since party position is bad. Please suggest how to write off?
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ARUN GUPTA

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ARUN GUPTA (Querist)
18 January 2022 Pl suggest how to write off tcs in 2020-2021?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
18 January 2022 You have to wait for 2 or 3 yeary before write off.
Request the supplier to remit TCS or refund the money.
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ARUN GUPTA

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ARUN GUPTA (Querist)
10 February 2022 Yes the supplier is refunding the money
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